July 7 (Reuters) - Postmedia Network Canada Corp PNCa.TO :
* Postmedia announces execution of support agreements for a
recapitalization transaction
* First lien notes extended by about four years to July 2021
and reduced to C$225 million with a cash repayment of about C$78
million at par
* Total debt reduced by approximately C$307 million and
annual cash interest expense reduced by approximately C$50
million
* On completion of recapitalization, existing holders of
variable voting shares, comapny's voting shares to own about 2%
of outstanding shares
* Recapitalization to be implemented by corporate plan of
arrangement, expected to be completed by end of Sept
* Second lien notes of about US$268.6 million, interest
accrued from, after July 15, exchanged for about 98 percent of
total shares of company
* Estimates value of its real estate that is currently
available for sale is in range of approximately C$40 to C$50
million
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Further company coverage: PNCa.TO